UNC Health Purchases 47 Acres from Blue Cross for $14.25 Million

By Liviu Oltean, Associate Editor UNC Health recently acquired 47 acres of land from Blue Cross and Blue Shield of North Carolina for $14.25 million. The tract, located on U.S. 15/501, across Blue Cross and Blue Shield’s Chapel Hill HQ, also includes [...]

UNC Health recently acquired 47 acres of land from Blue Cross and Blue Shield of North Carolina for $14.25 million.

The tract, located on U.S. 15/501, across Blue Cross and Blue Shield’s Chapel Hill HQ, also includes seven buildings, which have been vacant since April. The Triangle Business Journal  reported the vacated properties housed information, technology and administrative units, which have been relocated at other offices in Chapel Hill and Durham. Lew Borman, BCBSNC spokesman, said that the transaction was facilitated by the health insurance company’s desire to remove the vacant properties from its portfolio.

Jennifer James, spokeswoman for UNC Health Care, stated that currently, there are no specific plans for the 151,000 square feet of office space, but the company will outline a master plan by summer. The plan will probably incorporate a mix of administrative and clinical uses for the properties. The 11 acres are designated as a resource conservation district, and the types of constructions that are permitted in the area are limited.

In other news, CBL & Associates Properties Inc. has closed four loans that total up to $383 million. The company has secured through Cross Creek Mall in Fayetteville a $140 million, 10-year non-recourse loan, which bears a 4.54 percent fixed interest rate. According to the CityBizList, CBL has obtained another $60 million loan for the Outlet Shoppes at Oklahoma, which has a 5.73 percent fixed interest rate.

The two other loans were obtained from institutional banks. CBL closed a five-year extension and amendment of an existing non-recourse loan, which has been secured by St. Clair Square in Fairview Heights. By doing so, the company has increased the borrowed amount to $125 million, and it has reduced the loan interest rate to LIBOR plus 300 basis points.The fourth loan was obtained by closing a recourse loan that was secured by The Promenade in D’Iberville. The loan has a three-year initial term and two two-year extension options.